Fulford (India) - Updates on Proposed Delisting Offer of Equity Shares of
Fulford (India) Limited
17/06/2014 08:45
Fulford India Ltd has informed BSE that :
"1. On June 16, 2014, the board of directors of Fulford (India) Limited ("the Company") has received a letter from Dashtag, the promoter of the Target Company ("the Acquirer"). Please find enclosed copy of the letter received from Dashtag.
2. The spurt in the share price of Fulford (India) Ltd. after the announcement of the proposed delisting of the Companys shares was made in the public domain, is not, in the view of Dashtag reflective of the business fundamentals of the Company.
3. The Acquirer would like to reiterate that as stated in its letter dated April 25, 2014 to the Company, the indicative price currently approved by the board of Acquirer for the proposed delisting offer is Rs 1,150 per share. In this regard, reference is drawn to the notice for postal ballot dated May 9, 2014 sent by the Company to shareholders.
4. The Acquirer has also stated that it follows stringent financial discipline in its acquisitions and does not intend to make acquisitions that do not satisfy its financial expectations. It is reminded that the delisting offer will be successful only if: (i) the Acquirers shareholding crosses 90% of the total shares outstanding of the Company and (ii) the discovered price / exit price for doing so is acceptable to the Acquirer.
5. Should the delisting offer not be successful, the Acquirer may consider other strategic alternatives in relation to its ownership of shares in the Company.
6. Public shareholders are advised to use discretion and caution when trading in shares of the Company."
17/06/2014 08:45
Fulford India Ltd has informed BSE that :
"1. On June 16, 2014, the board of directors of Fulford (India) Limited ("the Company") has received a letter from Dashtag, the promoter of the Target Company ("the Acquirer"). Please find enclosed copy of the letter received from Dashtag.
2. The spurt in the share price of Fulford (India) Ltd. after the announcement of the proposed delisting of the Companys shares was made in the public domain, is not, in the view of Dashtag reflective of the business fundamentals of the Company.
3. The Acquirer would like to reiterate that as stated in its letter dated April 25, 2014 to the Company, the indicative price currently approved by the board of Acquirer for the proposed delisting offer is Rs 1,150 per share. In this regard, reference is drawn to the notice for postal ballot dated May 9, 2014 sent by the Company to shareholders.
4. The Acquirer has also stated that it follows stringent financial discipline in its acquisitions and does not intend to make acquisitions that do not satisfy its financial expectations. It is reminded that the delisting offer will be successful only if: (i) the Acquirers shareholding crosses 90% of the total shares outstanding of the Company and (ii) the discovered price / exit price for doing so is acceptable to the Acquirer.
5. Should the delisting offer not be successful, the Acquirer may consider other strategic alternatives in relation to its ownership of shares in the Company.
6. Public shareholders are advised to use discretion and caution when trading in shares of the Company."
